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According to Bloomberg, investors are betting stronger economic growth will bolster the Federal Reserve’s case to continue raising US interest rates and are fleeing bullion-backed funds, with gold futures capping the longest run of weekly losses in 12 years.
It was an erratic year for gold, with the biggest first-half rally in almost four decades giving way to a retreat as focus shifted from political uncertainty on the Brexit vote to US monetary policy. Holdings in exchange traded funds (ETFs) have shrunk continuously since Donald Trump won the US election, fueling optimism fiscal stimulus will energize the economy and driving a gauge of the dollar to the highest levels since at least 2005.
Gold futures for February delivery rose 0.2 percent to settle at $1,133.60.
Gold for immediate delivery declined 0.2 percent this week, also marking a seventh weekly decline, the longest stretch since August 2015.
Source article: http://www.taipeitimes.com/News/lang/print/2016/12/27/2003661963